Thursday, October 29, 2020

Pakistan to get $ 3 billion direct investment from Qatar

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Zubair Yaqoob
Zubair Yaqoob
The author has diversified experience in investigative journalism. He is Chief content editor at wnobserver.com He can be reached at: [email protected]

Pakistan will receive $ 3 billion direct investment from Qatar, state owned Qatar news agency quoted foreign minister Sheikh Mohamed bin Abdul Rahman al-Thani.

Islamic republic of Pakistan under the leadership of Prime Minister Imran Khan is struggling to boost the economy.

During recent months country’s premier has taken bitter decisions to uplift the depleting reserves condition.

Pakistan, which is due to receive International Monetary Fund bailout, will also get $3 billion direct investments from Qatar.

It is pertinent to mention here that more than one hundred and twenty-five thousand Pakistanis living in Qatar are playing an important role in development of Qatar.

The trade volume between the Pakistan and Qatar has crossed 2.5-billion-dollar mark (as of 2018 data).

During the recent visit to Pakistan, foreign minister of Qatar Sheikh Mohamed bin Abdul Rahman al-Thani expressed interest on behalf of his country to invest in various sectors in Pakistan.

Trade volume between Pakistan and Qatar crossed 2.5-billion-dollar mark

Thani said his country is interested in importing more than one hundred thousand people from Pakistan for the 2022 FIFA World Cup in Qatar.

Saudi Arabia and the United Arab Emirates also pledged aid packages for the South Asian country. Riyadh has given a $3 billion loan to Pakistan, while the U.A.E. provided $1 billion.

Pakistan and the IMF reached an agreement in May on a loan of about $6 billion designed to help the country avert an economic crisis.

Earlier, Abu Dhabi Fund for Development has transferred the amount of $1 billion as agreed by President and Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces. The loan facility from UAE was agreed on 3.18 percent.

Pakistan’s Liquid Foreign reserves after paying off  external debts on June 14, stood at $ 14.639 billion.

Read also: Pakistan receives $1 billion from Saudi Arabia, Country’s reserves now $15.25 billion

Zubair Yaqoob
Zubair Yaqoob
The author has diversified experience in investigative journalism. He is Chief content editor at wnobserver.com He can be reached at: [email protected]
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